Hindalco Industries (HINDALCO) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue rose 14% year-over-year to ₹66,521 crore in Q3 FY26, driven by strong India business and resilient Novelis performance.

• Consolidated EBITDA grew 6% year-over-year to INR 8,762 crore, with India business EBITDA up 10% and record profit after tax up 24% year-over-year to INR 3,581 crore.

• Novelis faced a 3% year-over-year shipment decline due to Oswego fires, but adjusted EBITDA per ton rose 22% year-over-year, and cost reduction targets were raised.

• Strong progress in ESG, with 82% waste recycled, 418 MW renewable energy capacity, and S&P Global CSA score of 89/100.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 12, 2026.

Financial highlights

• Consolidated profit after tax fell 45% year-over-year to INR 2,049 crore due to exceptional items; adjusted profit would have been INR 4,051 crore, up 8%.

• Aluminium upstream EBITDA margin improved to 45% from 42% YoY; downstream EBITDA up 55% YoY.

• Copper segment revenue jumped 33% YoY, but EBITDA declined 23% YoY due to lower Tc/Rc and concentrate mix.

• Novelis adjusted EBITDA at $436 million, $4.95 per ton, up 22% year-over-year, excluding Oswego and tariff impacts.

• Exceptional expenses of ₹2,610 crore in Q3 FY26, mainly due to fire incidents at Novelis' Oswego plant.

Outlook and guidance

• Oswego hot mill restart expected late Q1 FY27; Oswego outage impact seen as temporary, with recovery in next fiscal.

• Long-term Novelis EBITDA per ton guidance of $600 remains intact; Bay Minette facility to be completed this year.

• India business expects strong Q4, with copper EBITDA guidance of INR 600 crore.

• India CapEx to remain at INR 10,000-12,000 crore for next year, focused on expansion projects.

• The company continues to monitor regulatory, legal, and operational developments, including the impact of new labor codes and ongoing legal proceedings.